Subject: File No. S7-08-08
From: Karl M Bogacz

July 25, 2008

This issue has to be fixed, small investors are being ripped every day by hedge founds who naked short a good company stock with good fundamentals. I respect the market forces but it is unfair if founds can manipulate price of a stock with their own agenda behind. Please vote for implementing
"Naked" Short Selling Anti-Fraud Rule across the board.